New Delhi [India], August 30 (ANI): India and Chile moved forward with negotiations on the proposed Comprehensive Economic Partnership Agreement (CEPA) during a high-level bilateral meeting held in Santiago on August 26, according to the Ministry of Commerce & Industry.

Commerce Secretary Rajesh Agrawal met Paula Estevez Weinstein, Vice-Minister of International Economic Relations of the Republic of Chile, to evaluate the progress of the trade talks. The meeting focused on accelerating discussions and establishing a comprehensive framework for bilateral trade, the Ministry said in a release.

During the discussions, the Indian delegation reiterated the country's commitment to openness, sustained engagement, and a balanced approach toward strengthening the bilateral economic partnership. The focus remained on generating practical commercial outcomes for businesses and citizens across both nations.

Addressing the foundation of the bilateral relationship, both sides stated that the shared identity of both nations as members of the Global South, along with a common strategic vision, supports economic ties.

'The shared identity of India and Chile as members of the Global South, along with their common strategic vision, provides a strong foundation for deepening bilateral economic cooperation and advancing shared prosperity,' the Ministry stated.

Both delegations noted the necessity of expanding existing bilateral relations through the trade framework. They agreed that the proposed pact must effectively serve commercial interests across key sectors.

'Both sides emphasised the importance of building on the strong and growing India-Chile relationship and ensuring that the CEPA translates shared objectives and aspirations into concrete and commercially meaningful opportunities for businesses on both sides,' the Ministry noted.

The Commerce Secretary pointed to extensive opportunities for collaboration across specific industrial segments, including healthcare, pharmaceuticals, energy, minerals, agriculture, machinery, and engineering. The finalised agreement is expected to add momentum to existing bilateral trade flows.

On the timeline for concluding the discussions, the Ministry outlined New Delhi's target to finalise the agreement before the end of the year.

'India remains committed to concluding the CEPA negotiations within this year, with the aim of delivering a balanced and mutually beneficial framework that provides equitable and commercially meaningful outcomes for businesses on both sides,' it added.

The CEPA is expected to open new avenues for greater trade and investment, while fostering cooperation in technology, talent and resilient supply chains, thereby creating stronger foundations for long-term economic cooperation between India and Chile. (ANI)